The Garden State joins neighboring New York as the only state with legalized sports wagering to generate $1 billion in profit in a single fiscal year from New Jersey sports betting since the PASPA Act was repealed in 2018.
The $109.4 million revenue resulted from New Jersey residents making $1.2 billion in December wagers, with $50.5 million of the December handle wagered the on-site betting shops scattered throughout the Garden State.
The State of New Jersey collected $55.2 million for the rights to do business in the state.
The Meadowlands Massacre
Meadowlands was, far and away, the top mobile destination in the state. FanDuel New Jersey is their main partner, and the pair generated a state-best $51.1 million in December revenue. That was a 15.6% spike from one year ago and far outweighed their closest competitor, DraftKings.
DraftKings saw a major 59% hike from a year ago, reporting December earnings of $34.8 million from New Jersey residents and guests of the state. The Boston-based bookmaker and its NYC-based rival FanDuel are the only two bookmakers generating multi-million dollar revenue monthly.
ESPN BET, armed with an endless amount of free bets, generated a sixth-best $3.3 million. This was a 4.7% loss from a year ago under the former Barstool Sportsbook skin.
BetMGM (Borgata), Golden Nugget, and Tropicana were the only bookmakers failing to generate any taxable revenue during December.
Year to Date Revenue by Sport
Parlays are a staple with Garden State bettors. Parlays are also the largest source of revenue for New Jersey bookmakers.
The $550.8 million in year-to-date revenue generated from parlays, multipliers, betting ladders, same-game parlays, and other miscellaneous gimmicks on an 18% hold is as staggering as the over $3 billion in parlay bets made by New Jersey residents during 2023.
That’s over 50% of the bookmakers’ $995 million in YTD revenue and the main reason the sportsbooks make so much money.
Individually, the bookmakers won the most from pro baseball ($120.5 million), while college and pro basketball handled the most action ($2.6 billion). Jersey bettors staked $2.3 billion in pro and college football bets, while all other sports (tennis, golf, boxing, soccer, etc) collected $132.7 million for the Jersey bookies.
New Jersey Tax Office Big Winner
Finally, there is no bigger winner from sports betting than the state of New Jersey. The sportsbook companies were taxed $55.2 million in December and paid $595.5 million in year-to-date taxes for the right to do business in the Garden State.